Dogecoin Becomes the Most Held Crypto Asset in India, Prices Still in Red

The CoinSwitch Twitter account, India's largest cryptocurrency buying and selling app, reported that Dogecoin was one of the year's most-held assets among its users. DOGE was joined at the top by Bitcoin (BTC) and Ethereum (ETH). According to CoinSwitch, the app has approximately 20 million users.

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According to IntoTheBlock, 70% of all DOGE addresses have held tokens for more than a year, with a sizable portion of them now known to be in India. The decision was clearly correct, as 53% of Dogecoin holders are currently profiting, according to the same data. Thus, 2.23 million of the more than three million nonzero Dogecoin wallets have a positive PnL on DOGE.

Deeper data shows that, with the exception of the very old DOGE whales, the majority of those profitable addresses purchased the cryptocurrency between $0.00132 and $0.058. So even investors who purchased Dogecoin in June 2022 are likely to profit now.

At the same time, the fact that DOGE is one of the few cryptocurrencies that has made money, even for latecomers, is due to the fact that it became a major focus when Elon Musk purchased Twitter. Perhaps Dogecoin should be treated as an exception.

Experts have frequently observed that the appeal of meme coins often stems from popular culture, and their value can fall almost as quickly as it rose. Serious tokens, on the other hand, such as Ether and Bitcoin, have underlying platforms that are used to build other web3 applications, and thus derive value from such use cases.

Interestingly, despite the recent drop in cryptocurrency prices, the report found that Indian investors held on to their assets and avoided panic selling. According to the report, retail investors in India have built a crypto portfolio and added tokens to boost equity. During the year, approximately 40% of crypto investments were made on tokens with utility, while meme coins accounted for 13.14% of total investments.

Related Read: Dogecoin Spikes as Foundation Reveals Development Fund

Dogecoin Price Analysis

At the time of writing, the price of Dogecoin is $0.070398 USD, with a 24-hour trading volume of $31,51,72,023 USD. In the last 24 hours, Dogecoin has dropped 4.20%. DOGE is currently ranked #8 on CoinMarketCap, with a market cap of $9,33,97,78,536 USD. The circulating supply is 1,32,67,07,64,300 DOGE coins, and the maximum supply is not known.

Source: CoinMarketCap

Also Read: How Dogecoin Works?

Dogecoin price analysis appears to show the market following a positive movement, with volatility entering a closing movement, thereby tightening the market. As a result, the cryptocurrency's price is less likely to fluctuate in either direction. As a result, the cryptocurrency's high price is $0.0726, while the cryptocurrency's open price is $0.0723. The low price of DOGE, on the other hand, is $0.0723, with a change of 0.42% and a close price of $0.0725. 

The DOGE/USD appears to be crossing over the Moving Average's curve, indicating a bullish movement. The price appears to be moving upwards toward the resistance band in an attempt to revert the current trend. As the volatility closes, this could work in favour of the bulls, as a breakout would explode the volatility, giving the bulls more room for further activity.

The Relative Strength Index (RSI) for Dogecoin is 41, indicating a stable number for DOGE, falling in the stable region. Furthermore, the RSI score appears to move linearly, indicating a stable market with equal buying and selling activity, indicating market stability.

Source: Tradingview

Dogecoin price analysis shows that the market is trending downward, with volatility increasing. Furthermore, the market appears to be beginning to move, indicating future volatility bursts. This makes the DOGE price more susceptible to change on either end of the spectrum in its current state. The high price of DOGE is $0.0734, while the open price of DOGE is also $0.0734. In contrast, the low price for DOGE is $0.0723, with a 0.66% change and a close price of $0.0726.

Dogecoin appears to be in a bearish trend, with the DOGE/USD price crossing below the Moving Average's curve. The downward movement indicates that the meme cryptocurrency market is declining. Soon, the price will attempt to meet the support band. If they happen to collide, the market will break and the market dynamics will be reversed.

The meme cryptocurrency's Relative Strength Index (RSI) score is 45, indicating its stability. Following an upward movement, Dogecoin falls into the stable region. The rise in the RSI score represents the dominance of purchasing activities and the movement toward higher dynamics.

Source: Tradingview 

Dogecoin FAQs

What can Dogecoin be used for?

Dogecoin can be used to make payments and purchases, but it is not a cryptocurrency that can be used as a store of value. This is due to the fact that Dogecoins can be created indefinitely, making the cryptocurrency highly inflationary by design.

What makes Dogecoin unique?

It is classified as an altcoin and was launched in December 2013 with a Shiba Inu dog as its logo. With its underlying technology derived from Litecoin, Dogecoin's blockchain has merit. Dogecoin, which uses the scrypt algorithm, is notable for its low price and limitless supply.

Is Dogecoin high-risk?

Given that cryptocurrencies are still in their early stages and have yet to gain widespread adoption, the rising supply of Dogecoin is likely to overwhelm the price in the short to medium term. This makes Dogecoin a riskier cryptocurrency than Bitcoin, which has a limited and hard supply.